Financial information vendor FactSet is set to purchase ESG data provider Truvalue Labs. No financial details were disclosed but the deal is set to close later this year.
US-based Truvalue Labs has carved out a niche within the world of ESG data provision through its use of AI technology which it applies to unstructured text sources to detect positive and negative ESG behaviour, in contrast to a company’s own ESG disclosures.
The acquisition builds on an existing relationship between the two vendors – since 2018 Truvalue’s data has been integrated with current FactSet content and products, including the FactSet workstation.
“ESG funds have seen record inflows this year and client demand for valuable, up-to-date ESG signals is high,” said Phil Snow, CEO, FactSet.
“Combining Truvalue Lab’s offering with FactSet’s content and technology suite will add value across our businesses.”
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